Zillow Advice: Home Buying - Is it common to have two offers go to bank on a short sale/ http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ Zillow Advice | Zillow Real Estate Are you the first offer or ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ Are you the first offer or the second offer?&nbsp; Were you given the&nbsp;right of first refusal when you learned there was another offer being presented? Thu, 03 Feb 2011 20:38:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-02-03T20:38:00Z I think depends on the listing ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ <p class="MsoNormal">I think depends on the listing agent.&nbsp; Typically I try to get an offer that I feel the bank will accept based on many different factors.&nbsp; I then go to P&amp;S and only show it for back up. I want to make sure seller has a serious buyer and I give some assurances to the buyer which makes all parties satisfied.</p> Thu, 03 Feb 2011 20:34:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-02-03T20:34:00Z The first signed offer is ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ The first signed offer is in first position and the second offer is considered a backup offer.&nbsp; The first would have the right of first refusal if the second offer were stronger.&nbsp; Patience is the name of the game with Short Sales. Wed, 02 Feb 2011 21:58:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-02-02T21:58:00Z Either neither were signed ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ Either neither were signed by the seller or 1 should had been signed and the other accepted as a bank up.&nbsp; Then both of them could had been presented to the bank for lien holder approval. Wed, 02 Feb 2011 21:10:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-02-02T21:10:00Z It does&nbsp; happen but ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ It does&nbsp; happen but it is not the best practice.&nbsp; A good buyers agent will make sure that the listing agent is only going to submit one to the bank.&nbsp; The buyers agent should do their homework first to determine if the listing agent has any experience in dealing with short sales and if it has any chance of being approved at all.&nbsp; There are certain questions that can be asked and if the listing agent cannot answer them satisfactorily, then I advise my clients to move on. Wed, 02 Feb 2011 20:43:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-02-02T20:43:00Z Banks want the best offer. ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ Banks want the best offer. Short escrow, all cash, no strings will win over a higher offer. Broker's opinion delay is to cover them and make you sweat. Hang loose and wait. Fri, 28 Jan 2011 16:16:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-01-28T16:16:00Z Dan, all lenders handle short ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ Dan, all lenders handle short sales differently. It is not uncommon for more than one offer to go to the bank, but more common for just one to be sent. The lender is really not the one to select the better offer. Usually they are relying on the expertise of the real estate professional to decide which is the stronger offer. The listing agent needs to make a stand. The best offer is NOT always the highest offer though. There are other issues, including financing and terms that need to be considered as well. Fri, 28 Jan 2011 15:20:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-01-28T15:20:00Z So I guess what happened ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ So I guess what happened was the owner did not sign either offer and the agent sent both offers to bank. Is that what you think happened?&nbsp; Fri, 28 Jan 2011 14:55:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-01-28T14:55:00Z sadly way to common.&nbsp; ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ <p class="MsoNormal">sadly way to common.&nbsp; however there is a difference between a Contract and an Offer.&nbsp; If the Seller has Signed either of the Offers, they become a contract, You can not sign two contracts, without priority.&nbsp; If they are signed, with a short sale addendum allowing for back up offers, then one of the offers is first in line and the second or "weaker" offer is second in line.&nbsp;</p><p class="MsoNormal">Ps.&nbsp; If you have found this to be a helpful and resourceful answer please mark it as best answer.&nbsp; Thank you</p><p class="MsoNormal">[Links removed by moderator]</p> Fri, 28 Jan 2011 03:56:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-01-28T03:56:00Z In a short sale the bank ... http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ In a short sale the bank works with only one offer at a time . You better check with the Realtor and make sure which offer is the bank working with. Fri, 28 Jan 2011 03:11:00 GMT http://www.zillow.com/advice-thread/Is-it-common-to-have-two-offers-go-to-bank-on-a-short-sale/383311/ 2011-01-28T03:11:00Z